Dan Flynn is the writer of The Corn & Ethanol Report, a daily market letter covering grains, energies, and various global issues that are the driving force and backbone of the commodity markets. Contact Mr. Flynn at (312) 264-4374
The Dan Flynn Corn & Ethanol Report
Monday March 25th 2013
Well, well, well in a last minute deal Cypress clinched a last-ditch deal with international lenders to shut down their second largest bank and inflict heavy losses on uninsured depositors, including wealthy Russians, in return for a 10 billion Euro bailout or 13 million U.S. dollars reported by Reuters. This is a very scary precedent the government is setting. The government can penalize peoples life savings for their screw-ups! The banks won’t open because you can bet there would be a run on those banks. And people are coming to the realization their money is not safe anywhere and when it comes to government meddling there are no rules!
In the overnight electronic session the May Corn is currently trading at 725 ¼ which is 1 cent lower at this writing. The trading range has been 729 to 722 ¼ so far. The Chicago area dodged a bullet with the latest winter storm doing and end run south around the city and blasting everything in its path from Indiana and Mid-Atlantic states. The storm also nailed Iowa and Denver posted a foot of snow while 15 inches was measured in Goodland Kansas. Part of the I-70 corridor in Missouri saw 9-12 inches reported by the weather channel. This will be yet another serious setback to plantings. In a series of drought seasons the crop looks to be behind before its start and won’t be healthy when it reaches maturity. Stay Tuned!
On the Energy Front the April Crude Oil is currently trading at 9446 which is 75 points higher as I write in the overnight electronic session. The trading range has been 9469 to 9370 so far. I still think this market has a lot more downside in it. Maybe the weekly inventory numbers will confirm my assumptions. The Ethanol market had some interest in the overnight session with the April contract last trade at 2.545 which is .001 higher with a trading range of 2.545 to 2.542 while the May contract posted a last trade of 2.513 which is .002 lower with a trading range of 2.513 to 2.511 so far.
Have a Great Trading Day!
The PRICE Futures Group
Questions? Ask Dan Flynn today at 312-264-4374
Futures and options trading involves substantial risk of loss and may not be suitable for everyone. The information presented is from sources believed to be reliable and all information is subject to change without notice.
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